July 21, 2024

Microfluidic Technology Is Projected To Driven By Advancements In Healthcare Industry

Microfluidic technology refers to the technology that handles the control and manipulation of small amounts of fluids, typically on the sub-microliter scale, using enclosed channels having internal cross-sectional dimensions in the range of tens to hundreds of micrometers. Microfluidics finds widespread application in fields such as biomedical diagnostics, drug delivery, biomedical equipment, and analytical devices. Advancements in healthcare industry has led to increasing demand for point-of-care testing devices, lab-on-chip technology, and complex biological assays which require sophisticated microfluidic systems. Microfluidic chips can be designed and fabricated to perform complex biochemical assays and clinical diagnostics rapidly, cost-effectively and with minimal manual intervention. This overcomes limitations of conventional laboratory techniques and allows diagnostics and testing to be performed closer to the patient.

The global Microfluidic Market is estimated to be valued at Us$ 22.3 Bn in 2023 and is expected to exhibit a CAGR Of 4.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Continuous technological advancements in the field of microfluidics has led to introduction of more sophisticated devices with enhanced functionality. Researchers are exploring novel materials and fabrication techniques to develop 3D microfluidic platforms with multi-layered networks for complex fluidic manipulation and assays. Increased focus on point-of-care applications has also spurred innovation in portable and handheld microfluidic diagnostics. Further, combination of microfluidics with other disciplines such as biotechnology, nanotechnology and lab-on-chip has enabled development of highly integrated “lab-on-a-chip” systems. This is expected to significantly improve accessibility to rapid diagnostics.

Porter’s Analysis

Threat of new entrants: The microfluidic market requires high capital investments for R&D and operations. Established companies have significant economies of scale that make entry difficult.

Bargaining power of buyers: Buyers have moderate power as there are many established suppliers. However, they can negotiate on price and quality requirements.

Bargaining power of suppliers: Suppliers have low to moderate power. Key raw materials are commonly available while manufacturing requires specialized machinery and expertise.

Threat of new substitutes: There is a low threat as microfluidic systems provide unique advantages over traditional alternatives for biomedical, industrial and consumer applications.

Competitive rivalry: The market is competitive with many global players. Companies compete based on technology, novel applications, pricing and service.

Key Takeaways

The Global Microfluidic Market Demand is expected to witness high growth over the forecast period. The global Microfluidic Market is estimated to be valued at US$ 22.3 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.

The North American region currently dominates the market owing to advanced research infrastructure and presence of key players. Growing R&D investment and uptake of personalized medicine is expected to help maintain lead. Asia Pacific is projected to be the fastest growing region in the microfluidic market driven by increasing biomedical research in countries like China and India. Government support for lab-on-chip technology will further aid regional expansion.

Key players:

 

Key players operating in the microfluidic market are Nike, Adidas AG, Borosil, Milton, H2O International SA., shanghai Atlantis Industry Co. Ltd, SIGG Switzerland Bottles AG, Decathlon S.A., Puma SE, and Camlin Kokuyo. These companies have strong portfolio of microfluidic tools along with applications for chemical analysis, medical diagnostics and water treatment. Their product innovation and expansion in emerging markets will likely consolidate their leadership over the forecast period.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it